- Overview: Learn about IRS bank levies.
- Problems: Understand the problems associated with failing to file and pay your taxes and the penalty for filing taxes late. Problems include civil penalties, lien and levy actions, and possible criminal prosecution.
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Solutions: The W.L. Henry law firm’s goal is to solve your failure to file and pay tax problems.
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Schedule an Appointment: Schedule a free consultation with a tax lawyer. Colorado office locations are conveniently located in Castle Rock and Colorado Springs. We offer a free phone consultation if you reside outside the Denver or Colorado Springs metro area or in another state or country.
Overview
One of the more common questions that taxpayers ask regarding their unfiled tax returns is: I need to file my taxes late—what do I do? Because the IRS receives informational returns from various entities such as your employer, banks, brokers, and other financial institutions, it is imperative that you speak with a tax lawyer to discuss your situation and devise a plan to minimize any tax liability that you have. The IRS will often know the bulk of the income that you are receiving during the taxable year.
Other questions taxpayers often asked in conjunction with “I need to file my taxes late” is "how late can I file” and “what is the penalty for filing federal taxes late”? Taxes under the pay-as-you-go system currently in place in the U.S. require that you pay estimated taxes throughout the year or that taxes are withheld from your pay check or other payment. If you owe taxes after your tax year closes (for most taxpayers this is December 31) you must pay the outstanding balance on the following April 15 for U.S. residents. By requesting an extension, most taxpayers can extend the time to file their tax returns for six month (October 15 for most taxpayers). The extension, however, does not extend the time to pay any tax liability.
See our Abatement of Penalties and Interest section for detailed answers to the question “what is the penalty for filing federal taxes late
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Problems
Failing to file a tax return when taxes are due or a late filing of federal taxes can cause major problems, including excessive penalties and interest that can exceed the original tax due. (See our Abate of Penalties & Interest for the penalties associated with unfiled and late filed tax returns.) Further, failing to file a tax return or the late filing of federal taxes can lead to the IRS filing a tax lien or imposing a tax levy. (See our Removing IRS Liens & IRS Levy section for more information.) The IRS can also refer a taxpayer that has failed to file a tax return and pay taxes for criminal prosecution. It is important to involve a tax lawyer immediately if you have failed to file and pay your taxes.
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Solutions
The W.L. Henry law firm helps taxpayers resolve any unfiled or late filing of federal tax return issues, including the avoidance of any penalties or interest. Among the possible defenses include demonstrating reasonable cause, innocent spouse relief, disclosure, establishing a mistake, negating intent, establishing substantial authority for the return position, or through an offer in compromise. The W.L. Henry law firm examines a variety of defenses and assists all taxpayers in reducing and eliminating their tax liabilities, whether imposed by the IRS, Colorado Department of Revenue, New Jersey Division of Taxation, or the Virginia Department of Taxation. Please contact your tax lawyer to discuss your specific penalty abatement situation.
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Schedule an Appointment
Schedule a free consultation to discuss your case with a tax lawyer. Colorado office locations are conveniently located in Castle Rock and Colorado Springs. If you are out-of-state or out-of-country, a telephone conference can be scheduled. All initial consultations by phone or in one of our Colorado offices are free.
Even if you are not sure if you need a tax lawyer, the firm is happy to discuss your tax issues and point you in the right direction.
Schedule a free consultation:
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